News Summary: Microsoft boosts dividend by 22 pct

DIVIDEND HIKE: Microsoft said Tuesday that its board approved a 22 percent increase in the company's quarterly dividend to 28 cents. That is up 5 cents from the previous dividend. It will be paid on Dec. 12 to shareholders of record as of Nov. 21.

SHARE BUYBACK: The software company has also authorized a $40 billion stock buyback program with no expiration date. It replaces Microsoft's previous $40 billion stock buyback program that was set to expire on Sept. 30.

CHANGING TIMES: Long-time Microsoft CEO Steve Ballmer has announced plans to retire within the next year. Earlier this month, the company announced a $7.2 billion deal to buy Nokia's troubled smartphone business in hopes of catching up with the shift toward mobile computing.